Discover DIY XBRL
Discovery Communications, the world's number one nonfiction media company, has a five-person SEC reporting team that needed a way of reporting that would fit its specific needs.
Most companies prefer to have Wdesk professionals set up their workbooks for them, but Discovery was different. Discovery chose to go the DIY route with their workbooks and their XBRL. “We have a motivated team,” Vice President of Technical Accounting and Reporting Kristine Deringer, said.
This motivated team took its time training and getting comfortable with Wdesk. And when it switched, everything clicked—the team loves the tutorial videos and resources, as well as the confidence of knowing its Customer Success Manager is always there to answer questions.
Wdesk protects the Discovery team from risk, so it doesn't have to worry about version control errors or a document ending up in the wrong hands. "With the linking function in the workbooks, the numbers are automatically updated, so it’s incredibly efficient, and it reduces the potential for error," says Erica Jacobson, Manager of Technical Accounting and SEC Reporting.
The small team also appreciates the collaborative nature of the platform, according to Jacobson."The commenting process becomes a dialogue," she says. Communication has improved across departments, and even the legal team benefits from Wdesk. "We used to spend a lot of time writing down comments from legal and then sending them back to for review. Now legal can go right in and make its own edits,” Jacobson explained.